IMCO signs agreement to invest up to US$450 million in DataBank
IMCO’s investment in DataBank’s recapitalization will fund growth of leading U.S. data centre platform
TORONTO (October 3, 2022) – IMCO announced today it has signed an agreement to invest up to US$450 million in DataBank, the largest edge infrastructure operator in the U.S. IMCO joins other new investors in DataBank’s recapitalization process, which was announced in June 2022 by DigitalBridge Group Inc (“DigitalBridge”).
DataBank enables the world’s largest enterprises, technology, and content providers to deploy and manage their mission-critical applications and data across its nationwide platform. DataBank’s portfolio consists of 65+ operational data centers across 27+ markets with a diverse customer base. The company is well-positioned to capitalize on the significant future growth in digital infrastructure as cloud, content, and technology –especially –5G, push towards the edge of networks.
“Investing in high-quality companies and markets with secular growth is key to delivering attractive risk-adjusted returns for our clients. DataBank’s leadership position in digital infrastructure and experienced management team makes it an ideal investment for our infrastructure portfolio,” said Rossitsa Stoyanova, Chief Investment Officer, IMCO. “We look forward to partnering with DataBank’s management and our co-shareholders to execute the company’s business plan.”
“We are honoured to have an outstanding partner such as IMCO join DigitalBridge, Swiss Life Asset Managers, and other marquee investors to catalyze the next phase of growth at DataBank, North America's leading edge infrastructure platform,” said Kevin Smithen, Chief Commercial and Strategy Officer, DigitalBridge.
Closing of the transaction is anticipated to be in Q4 2022.
The Investment Management Corporation of Ontario (IMCO) manages $79 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. It provides leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and Twitter @imcoinvest.